North America to Dominate Healthcare Payer Solutions Market through 2025

Growing insurance enrolments to drive the growth of global healthcare payer solutions market

According to TechSci Research report, “Global Healthcare Payer Solutions Market By Service Type (BPO, ITO, KPO), By Application (Claims Management Service, Provider Management Service, Member Management Service, HR services, Analytics & Fraud Management Service, Billing & Accounts Management Service, Others), By End User (Public v/s Private), By Region, Forecast & Opportunities, 2025”, the global healthcare payer solutions market is expected to witness formidable growth during the forecast period on account of the  increasing demand for streamlined business process. Additionally, healthcare payer solutions help payers transform their businesses and achieve their goals with solutions across all the major touch points. Also, healthcare payer solutions deliver a well-coordinated, affordable and cohesive healthcare experience thereby positively impacting the market growth. Besides, progression of health benefit plan designs and presence of healthcare regulatory policies is further anticipated to propel the growth of market over the next few years. Furthermore, increasing adoption of technology and expansion of service portfolio bolster the market growth, globally. However, high claim denial rates and slow process of claim approvals can hamper the market growth. Additionally, issues such as administrative control breakdown might further hinder the market growth. Furthermore, high costs associated with outsourcing along with the loss of managerial control in outsourced projects is anticipated to negatively impact the market growth through 2025. Also, challenges such as data breaches and cybersecurity further obstruct the market growth. Loss of confidentiality, skilled professionals and manual workflow of the entire process is expected to impede the market growth over the next few years.

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The global healthcare payer solutions market is segmented based on service type, application, end user, company and region. Based on service type, the market can be categorized into BPO, ITO and KPO. The BPO segment is expected to dominate the market during forecast period. The BPO segment is expected to dominate the market during forecast period. This can be attributed to the fact that BPO service provides customer support & assistance in various administrative areas. This is in turn enables the payers to achieve cost reductions and to speed time to market, which is majorly the key target of payer organizations. The KPO segment is expected to witness significant growth over the next few years owing to the growing demand for accurate claim resolution and increasing need to reduce the number of fraud incidences. Based on application, the market can be fragmented into claims management service, provider management service, member management service, HR services, analytics & fraud management service, billing & accounts management service and others. The claim management service segment is expected to dominate the market through 2025 since it helps the organizations to create and deploy automated and agile claim management process for full proof claim processing. They play a vital role in solving challenges of the increasing claim denial rate cases and stringent federal regulations thereby driving the growth of segment across the globe.

Cognizant Technology Solutions, Accenture plc, Concentrix Corporation, ExlService Holdings, Inc., Xerox Corporation, Genpact Limited, Hewlett-Packard, Hexaware Technologies Limited, FirstSource Solutions Limited, HCL Technologies Ltd. and others are some of the leading players operating in global healthcare payer solutions market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.

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“North America is expected to dominate the overall healthcare payer solutions market during the forecast period, owing to the growing insurance enrolment in the region. Additionally, surging demand for an integrated healthcare system in the region is further anticipated to spur the market. Furthermore, the federal healthcare mandates in the United States is expected to positively impact the market growth over next few years. Also, the key vendors operating in the market are expanding their business in the region creating lucrative opportunities for the growth of market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Healthcare Payer Solutions Market By Service Type (BPO, ITO, KPO), By Application (Claims Management Service, Provider Management Service, Member Management Service, HR services, Analytics & Fraud Management Service, Billing & Accounts Management Service, Others), By End User (Public v/s Private), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global healthcare payer solutions market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global healthcare payer solutions market.

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